The Hindu : Nirma pays 40 p.c.

Online edition of India's National Newspaper
Tuesday, Jun 10, 2003

Business

Business

Nirma pays 40 p.c.

The net profit of Nirma has risen to Rs. 215.25 crores during the year ended March 31, 2003 from Rs. 184.71 crores.

The directors have recommended a dividend of 40 per cent against 35 per cent in the previous year.

The gross turnover was higher at Rs. 2,416.35 crores against Rs. 2,276.05 crores. Earnings per share have gone up to Rs. 27.12 from Rs. 23.27.

Meanwhile, the company proposes to issue redeemable preference shares totalling Rs. 2.79 crores to the shareholders. The company has approved the arrangement for demerger and transfer of the `operating division' of Nirma Industries (NIL) into Nirma with effect from February 1, 2003.

However, the effect of demerger is not reflected in the financial statement as the company has to seek approval of the Gujarat High Court.The debottlenecking of the soda ash plant resulting increase in capacity to 6.50 lakh tonnes from 4.20 lakh tonnes annually was commissioned in September last year.

TVS Motor

The directors of TVS Motor Company have declared a second interim dividend Rs. 7 per share (70 per cent) on equity share of Rs. 10 each fully paid up of the company for the year ended March 31, 2003 and will be paid to the shareholders on June 20.

Shasun Chemicals

Shasun Chemicals has recommended a dividend of 44 per cent for the year ended March 31, 2003 against 40 per cent in the previous year. Net sales were higher at Rs. 247.28 crores against Rs. 219.77 crores. Other income amounted to Rs. 3.08 crores (Rs. 80 lakhs). During the year, sales to the U.S. were up 43 per cent as against 30 per cent in the previous year.

The gross profit, before depreciation and interest charges, has increased to Rs. 41.03 crores from Rs. 35.87 crores. After providing interest charges of Rs. 7.03 crores (Rs. 8.07 crores), depreciation of Rs. 14.34 crores (Rs. 12.36 crores) and taxation of Rs. 3.52 crores (Rs. 3.41 crores), the net profit stood higher at Rs. 16.14 crores against Rs. 12.03 crores.

Subex Systems

Subex Systems clocked revenues of Rs.70.64 crores for the year ended March 31, 2003 translating to a topline growth of 19.23 per cent. In line with the company's expectations, the product business grew by 31.77 per cent, contributing 36.5 per cent to the revenues. For the current financial, the products revenue has been estimated at 44 per cent of the total revenue growth with profitability increase from 14 per cent to 22 per cent, according to Subash Menon, President and CEO, Subex Systems. The company had doubled its net profit to Rs. 10 crores in 2002-03 from Rs. 4.19 crores.

Arvind Remedies

Arvind Remedies has earned an income of Rs. 120.93 crores in the 12 months ended March 31, 2003 against Rs. 101.80 crores, an increase of 19 per cent. The net profit has risen to Rs. 2.64 crores from Rs. 2.37 crores.

The gross profit, before depreciation and interest charges is higher at Rs. 9.37 crores against Rs. 7.72 crores.

The equity capital had risen to Rs. 26 crores from Rs. 7.43 crores consequent to the sub-division of one equity share of Rs. 10 each into ten equity shares of Re. 1 each in October and the simultaneous issue of bonus shares in the ratio of five equity shares for every two shares held.

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